EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Jan 29, 2018 – Feb 02, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 2.70%.

As we have mentioned last week, that resistance for the index lies in the zone of 3800 to 3850 where short term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3950 to 4000 from where the index broke down after consolidation. During the week the index manages to hit a high of 4010 and close the week around the levels of 3812.

Support for the index lies in the zone of 3700 to 3750 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3500 to 3550 where medium & long term moving averages and Fibonacci levels are lying.

Resistance for the index lies in the zone of 3850 to 3900 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 3950 to 4000 from where the index broke down after consolidation.

Broad range for the index is seen between 3600 to 3650 on downside & 3950 to 4000 on upside.